Facebook Commits $1 Billion To Affordable Housing In The US

Facebook on Tuesday said that it is devoting $1 billion (roughly Rs. 7,100 crores) during the coming decade in affordable housing, most of it in its home state of California. The leading social network has partnered with Governor Gavin Newsom and others on projects intended to result in as many as 20,000 new housing units for teachers, nurses, first responders and other "essential workers," according to Facebook chief financial officer David Wehner.

"Access to more affordable housing for all families is key to addressing economic inequality and restoring social mobility in California and beyond," Newsom said in a statement.

"State government cannot solve housing affordability alone, we need others to join Facebook in stepping up -- progress requires partnership with the private sector and philanthropy to change the status quo and address the cost crisis our state is facing."

Facebook has previously teamed up with community groups and local officials on affordable housing initiatives in the San Francisco Bay area and in the Silicon Valley city of Menlo Park, where it has its headquarters.

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